Take a quick look at $aave, mainly focusing on valuation. I won't say much about this protocol itself, it's one of the old three in defi. With a market share of 66% in the lending protocol, it's an absolute high-quality asset.

Fees ： Fees are total fees paid by users.

Revenue: Revenue is share of fees that goes to the protocol.

Earning排名很高，3.97m/30天

aave market cap2.84b, fdv 3.05，几乎差不多，我们就用market cap来计算估值：

P/S = 2.84b/ 7.5m* 12 = 32x

P/E = 2.84b/3.97*12 = 60x

When calculated with a high rise+ cyclical stock, the overall valuation is not high, which can be considered as value investment.

Of course, this is a valuation logic, and the price in the crypto world will not follow this. But having this valuation makes me feel more secure.

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